The utility's effort to exclude the resolution calling for analysis of the financial risks
associated with a nuclear reactor which could cost over $19 billion is turned down by the
Securities and Exchange Commission.

Dominion Virginia Power wants to construct a third nuclear reactor at its North Anna Power Station
northwest of Richmond, and cites the transition to a low-carbon economy—along with expected
regulatory action on carbon emissions—as a primary cause.

“As we are transiting into a low
carbon future, North Anna will be an option that is very valuable to us at some point in the
future,” Bob Thomas of the utility told the Associated Press.

Dominion projects
that the cost of constructing the new reactor will be $14.8 billion. But the nuclear industry is
notorious for incurring significant cost overruns; and since the proposed North Anna 3 reactor will
be of a new construction type, overruns can be expected to be even higher than the industry norm.
Scott Norwood, an energy analyst for the Virginia Office of the Attorney General, estimated that
“after including a conservative estimate of construction interest costs, the current capital cost
forecast for NA3 would be approximate $19.3 billion.” Norwood also calculated an “average rate
increase of 25.7% over current Virginia retail residential rates.”

Furthermore, even
before applying for a certificate of public convenience and necessity or a rate adjustment clause,
Dominion expects to have spent $1.87 billion by 2018 and $4.7 billion by thee end of 2020.